Norwest Portfolio Company iCardiac Technologies Acquired by ERT

December 04, 2017 08:30 AM Eastern Standard Time

PALO ALTO, Calif.--(BUSINESS WIRE)--Norwest today announced it has sold iCardiac Technologies to ERT, a
global data and technology company that minimizes uncertainty and risk
in clinical trials. iCardiac Technologies is a leading provider of
centralized cardiac safety and respiratory solutions. Norwest’s Dr. Ryan
Harris led the investment in iCardiac in 2014 to help the company pursue
significant growth opportunities and serve the rapidly growing needs of
its pharmaceutical and CRO clients worldwide. Financial terms of the
transaction were not disclosed.

“Over the years, iCardiac’s innovative and superior technology has
offered clear measured benefits, helping its partners more effectively
develop medications to improve human health,” said Dr. Ryan Harris,
General Partner, Norwest. “We’re fortunate to have worked with such a
creative and experienced team. We’re very proud of the company’s growth
and know the team is positioned for continued success with ERT.”

The acquisition enables ERT to expand its portfolio of proven cardiac
safety solutions, specifically through the addition of iCardiac’s
sophisticated, algorithm-driven technology, which supports efficient,
cost-effective and regulatory-compliant methods of conducting QT
assessments in early phase clinical trials. Through these expanded
capabilities, ERT is better positioned to meet its customers’ unique
needs at every phase of clinical development.

Norwest chose to partner with iCardiac because of the company’s
best-in-class product, expansive global services operation, and stellar
team of medical and scientific experts with more than 100 collective
years of cardiology, electrophysiology, drug development and regulatory
experience.

“This is a natural fit between two organizations with rich histories of
innovation that have shaped the clinical trial landscape,” said James
Corrigan, President & CEO, ERT. “The iCardiac acquisition expands ERT’s
ability to deliver solutions that help our customers create novel
therapies in the fastest, most efficient and cost-effective manner
possible. This includes greater flexibility in early phase trials, as
well as a stronger partner who can support the entire development
lifecycle.”

Alex Zapesochny, President and CEO of iCardiac, will join ERT’s
executive team to lead the company’s Cardiac Safety business, which
includes ERT’s existing Cardiac Safety services as well as those
offerings recently acquired via Biomedical Systems. “iCardiac has
introduced several breakthrough innovations over the past decade,
including High Precision QT and Early Precision QT methodologies,” said
Zapesochny. “I look forward to continuing this tradition of helping
customers navigate an increasingly complex clinical development
landscape and bring new treatments to market faster.”

About Norwest

Norwest is a leading Silicon-Valley based venture capital and growth
equity investment firm managing more than $6 billion in capital. Since
our inception, we have invested in more than 600 companies. The firm
invests in early to late stage companies across a wide range of sectors
with a focus on consumer, enterprise, and healthcare. We offer a deep
network of connections, operating experience, and a wide range of
impactful services to help CEOs and founders advance on their journey.
Norwest has offices in Palo Alto and San Francisco, with subsidiaries in
Mumbai and Bengaluru, India and Herzelia, Israel. For more information,
please visit Norwest.
Follow Norwest on Twitter @NorwestVP.

About ERT

ERT is a global data and technology company that minimizes uncertainty
and risk in clinical trials so that its customers can move ahead with
confidence. With nearly 50 years of clinical and therapeutic experience,
ERT balances knowledge of what works with a vision for what’s next, so
it can adapt without compromising standards.

Powered by the company’s EXPERT® technology platform, ERT’s
solutions enhance trial oversight, enable site optimization, increase
patient engagement and measure the efficacy of new clinical treatments
while ensuring patient safety. Since 2014, more than half of all FDA
drug approvals came from ERT-supported studies. Pharma companies,
biotechs and CROs have relied on ERT solutions in 1,000+ studies,
spanning more than three million patients to date. By identifying trial
risks before they become problems, ERT enables customers to bring
clinical treatments to patients quickly — and with confidence.

iCardiac Technologies, Inc. is an industry-leading centralized core
laboratory for cardiac safety, respiratory, and eCOA clinical trial
services. iCardiac serves eight of the top 10 global pharmaceutical
companies, as well as numerous small and mid-sized pharma and
biotechnology firms. For more information, please visit www.icardiac.com.